Halfords has announced that increased demand for electric bikes has helped the company to achieve a like-for-like sales increase of 2.8% over the 20 weeks leading up to 17 August.
Shares rose by 7% this morning following the announcement, bringing the car part retailer’s total value up £653m. The figures made for a stark contrast to May’s profit warning and loss of almost a tenth of its market capitalisation.
Electric bikes, fitting services and car cleaning products underpinned the 2.6% rise in like-for-like retail sales according to CEO Graham Stapleton. Recent hot weather was said to have countered the early Easter and bad weather which saw the company make a sluggish start to the year.
The group saw total revenue jump by 2.7% for the 20 week period, with autocentre sales climbing by 3.9% and online sales rising by 11.3%.
Amy Higginbotham of Globaldata said Halfords was one of the few retailers reporting positive figures in the current retail environment.
She said: “In a challenging market where customers increasingly expect more from retailers and their products, investment will remain key in ensuring Halfords maintains its market dominance.”